I dont dispute what GG has said, but thats not my experience.
I am flying in Australia on an ATPL converted from o'seas. My employer did not ask for any evidence of study of the Australian theory, nor are they aware on what basis I achieved the local ATPL.
Bit of a double standard,
AFAIK there is no ATPL flight test in Australia.
As GG has said, there will be no pilot shortage here, the airlines here are starting to manufacture their own artificial supply of pilots with sham cadet schemes. Check out other threads here in D&G for more.